A single-tier pension: what does it really mean? - The Institute For ...
A single-tier pension: what does it really mean? - The Institute For ...
A single-tier pension: what does it really mean? - The Institute For ...
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A <strong>single</strong>-<strong>tier</strong> <strong>pension</strong>: <strong>what</strong> <strong>does</strong> <strong>it</strong> <strong>really</strong> <strong>mean</strong>?<br />
Taking into account the change in state <strong>pension</strong> ent<strong>it</strong>lement experienced by<br />
partners (central panel of Table 4.7) actually reverses this picture, w<strong>it</strong>h higherwealth<br />
households gaining on average £9.77 per week compared w<strong>it</strong>h £7.63 for<br />
the lowest-wealth households. This at least in part reflects the fact that higherwealth<br />
households are more likely than low-wealth ones to contain couples,<br />
rather than <strong>single</strong> people.<br />
Table 4.7. Percentage of gainers and losers from move to <strong>single</strong>-<strong>tier</strong><br />
<strong>pension</strong>: by income defin<strong>it</strong>ion and individual characteristics<br />
Individual state <strong>pension</strong><br />
income<br />
Mean<br />
change<br />
% gain % lose Mean<br />
change<br />
Household state <strong>pension</strong><br />
income<br />
% gain % lose Mean<br />
change<br />
Total household net<br />
income<br />
% gain % lose<br />
All 3.62 56% 15% 8.50 62% 15% 7.28 57% 21%<br />
Male 2.65 52% 15% 9.57 61% 14% 8.86 58% 18%<br />
Female 5.63 64% 14% 6.24 65% 16% 3.98 54% 27%<br />
SPA = 2016 2.95 37% 1% 7.66 46% 6% 6.08 40% 13%<br />
SPA = 2017 3.02 66% 19% 8.51 68% 18% 7.67 63% 23%<br />
SPA = 2018 3.67 63% 21% 8.41 71% 19% 7.48 66% 24%<br />
SPA = 2019 5.64 63% 24% 10.05 70% 21% 8.46 64% 27%<br />
Single 3.79 50% 16% 3.79 50% 16% -0.89 29% 40%<br />
Couple 3.56 58% 14% 10.02 66% 15% 9.91 66% 15%<br />
Any children 2.88 50% 14% 4.87 51% 13% 2.27 41% 25%<br />
No children 3.74 57% 15% 9.11 64% 15% 8.12 60% 20%<br />
Low education 3.59 53% 19% 8.01 60% 17% 6.20 52% 25%<br />
Mid education 3.91 59% 12% 7.80 64% 11% 6.77 60% 16%<br />
High education<br />
Quintiles of total<br />
household net<br />
wealth<br />
3.26 57% 12% 10.26 63% 17% 9.81 61% 19%<br />
Lowest 4.68 58% 17% 7.63 64% 14% 2.37 40% 38%<br />
2 2.99 49% 25% 5.66 52% 27% 5.27 49% 29%<br />
3 4.62 63% 14% 9.68 68% 15% 9.31 66% 17%<br />
4 3.23 62% 9% 9.75 68% 10% 9.75 68% 10%<br />
Highest 2.53 48% 9% 9.77 62% 10% 9.77 62% 10%<br />
Ever paid<br />
reduced-rate NI<br />
Self-employment<br />
years<br />
5.64 54% 17% 5.75 58% 19% 4.37 54% 25%<br />
None 3.07 55% 16% 7.02 60% 17% 5.59 53% 24%<br />
1 to 5 2.74 48% 16% 11.36 64% 15% 11.05 63% 16%<br />
6 to 10 4.23 58% 12% 10.39 70% 8% 9.19 69% 9%<br />
More than 10<br />
Contracted-out<br />
years<br />
8.20 70% 9% 16.57 74% 7% 16.39 74% 7%<br />
None 5.40 62% 25% 7.97 66% 23% 4.81 52% 36%<br />
1 to 5 5.12 58% 24% 9.42 70% 18% 6.09 51% 32%<br />
6 to 10 2.75 42% 28% 7.13 43% 24% 4.46 34% 38%<br />
More than 10 3.01 56% 9% 8.68 63% 11% 8.45 62% 13%<br />
Note: As for Table 4.4.<br />
Source: Authors’ calculations using English Long<strong>it</strong>udinal Study of Ageing and National Insurance<br />
administrative data.<br />
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